{"id":5970,"date":"1998-07-06T08:21:11","date_gmt":"1998-07-06T14:21:11","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/?p=5970"},"modified":"2026-04-11T13:36:11","modified_gmt":"2026-04-11T19:36:11","slug":"rauscher-pierce-refnes-inc","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/1998\/07\/06\/rauscher-pierce-refnes-inc\/","title":{"rendered":"Rauscher, Pierce, Refnes, Inc."},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;3.22&#8243;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Text&#8221; _builder_version=&#8221;3.27.4&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][\/et_pb_text][et_pb_text _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<div class=\"blogDateTitleContainer\">\n<div class=\"blogDateTitle\">07\/06\/1998<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"\/businesses\/wp-content\/uploads\/sites\/9\/2020\/11\/98-36__rauscher_pierce_refnes_inc.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">98-36<\/a><\/p>\n<p>Taxpayer is a securities broker-dealer. \u00a0Taxpayer protested assessment of gross receipts tax, claiming its receipts from dealer concessions for its role in handling purchases of mutual fund shares for its customers are exempt as receipts from the sale of securities pursuant to Section 7-9-25, or alternatively, that they are not gross receipts as defined at Section 7-9-3(F). \u00a0Additionally, Taxpayer argued that its receipts from &#8220;trails&#8221; or 12(b)(1) fees were not gross receipts from performing services and were not subject to gross receipts tax. \u00a0Held that although taxpayer did not act as an agent for its customers in handling mutual fund purchase transactions, the receipts did amount to commissions or fees from acting as a broker and are gross receipts as defined in Section 7-9-3(F) and thus are not receipts from the sale of securities. \u00a0Additionally, the trails are receipts from performing the service of encouraging its clients to retain their holdings of mutual funds. \u00a0Protest denied.<\/p>\n<\/div>\n[\/et_pb_text][et_pb_text _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;]<p><a href=\"\/all-nm-taxes\/tax-decisions-orders\/\">Back to Tax Decisions &amp; Orders<\/a><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p>07\/06\/1998 98-36 Taxpayer is a securities broker-dealer. \u00a0Taxpayer protested assessment of gross receipts tax, claiming its receipts from dealer concessions for its role in handling purchases of mutual fund shares for its customers are exempt as receipts from the sale of securities pursuant to Section 7-9-25, or alternatively, that they are not gross receipts as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:divi\/placeholder \/-->","_et_gb_content_width":"960","footnotes":""},"categories":[43],"tags":[],"class_list":["post-5970","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rauscher, Pierce, Refnes, Inc. : All NM Taxes<\/title>\n<meta name=\"robots\" content=\"index, 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